Tax Notes: DBP prepaid cards for Pag-ibig short term loan disbursements

TO make transactions with the Home Development Mutual Fund (Pag-ibig) more convenient and secure for its members, Pag-ibig can now release short term loan (STL) proceeds to its members through the Development Bank of the Philippines (DBP) prepaid card starting Sept. 21, aside from the existing means through checks, Citibank’s prepaid cards and Landbank cash cards.

Pag-ibig Fund’s STL programs are meant to provide additional cash assistance to its members, provided they are active and have made at least 24 monthly contributions.

Its members may avail themselves of the multi-purpose loan and calamity loan programs. The former is designed to help finance the members’ immediate medical, educational or livelihood needs, and other related needs, while the latter is extended to members who have been affected by calamity, as proven by a declaration of calamity in their area of residence.

The card, which costs P50 and has a validity period of five years, is equipped with the latest Europay, MasterCard and Visa (EMV) chip card technology that secures against fraud and counterfeiting. The Pag-ibig members who are STL borrower-cardholders can withdraw their loan proceeds through DBP and BancNet ATMs, use the same card for their succeeding loan applications, and monitor their balance and pay bills online through BancNet Online.

The Pag-ibig DBP prepaid card is initially available in Cebu Ayala Branch and Tacloban Branch. (P&A Grant Thornton)
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